If you are taking the Growing Alabama Tax Credit, the LEDO name is referring to the name of the local economic development organization that you made contributions to.
GROWING ALABAMA CREDIT: Incentive to provide a source of funds for site preparation and public infrastructure needs of existing industrial sites.
BENEFITS
- Approved projects are funded when taxpayers make contributions to a Local Economic Development Organization.
- Taxpayers receive a tax credit equal to their contributions. The tax credit may offset up to 50% of the taxpayer’s income tax liability.
- Credit can be carried forward for 5 years.
REQUIREMENTS
- An eligible site must have a deficiency in site preparation or public infrastructure.
- An eligible site must have either (1) a potential project, or (2) an identifiable reason that an industrial prospect did not select the site in the past.
- An eligible site must be owned by a local economic development organization, such as an IDA, IDB, chamber of commerce or other nonprofit economic development organization.
- 25% of the Growing Alabama Funds are earmarked for sites located in Targeted Counties.
- Projects must be approved by Commerce and the Renewal of Alabama Commission.
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